Markets

Ripple's XRP Keeps 8% Of Gains After Spike While Bitcoin Erases Most

Majority of cryptocurrencies saw a spike on Monday with Bitcoin leading the way. Most cryptos erased the majority of the gains by the end of New York’s trading session. But Ripple’s XRP was able to keep above 8% of the gains. This is impressive compared to Bitcoin’s 4% and Ethereum’s 5% in the top 3 major cryptos by market cap. The spike in these cryptos may have been as a result of a selloff in Tether’s USDT, which ended up being the only altcoin in the red on Monday. Another big winner on Monday was Tezos (XTZ) which gained over 9% on the news that the crypto exchange, Kraken, has added the coin to its list.

Comparing Ripple and Bitcoin on the Charts

Now let’s take a look at Bitcoin and Ripple ’s price action on the daily chart, to see if their respective gains today were correlated from a technical point of view. BTC/USD’s spike was unable to confirm a break above the daily Ichimoku cloud, and the key pivot level of $6,722.

Meanwhile, XRP/USD is already above the daily Ichimoku cloud, and the door for further gains already opened on September 20th when XRP started a new uptrend. Ripple’s XRP is now supported by the Ichimoku cloud, and even though it began to pull back on Tuesday, it still hasn’t shown signs of a bearish reversal.

This comparison is interesting because up until this point, most cryptocurrencies have merely ridden on Bitcoin’s wave when it comes to price action. But Ripple may be ready to break this pattern. More specifically, while Ripple has already broken a key resistance level, Bitcoin still needs a solid bullish confirmation for long-term strategies.

What do you think about the recent price action in Bitcoin and the rest of the market? Do you think the recent bullish wave is here to stay across the board? Let me know in the comments, and subscribe to get more updates! As the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.

Don’t forget to complete your risk management due-diligence before developing your investment strategy.

This article was originally published on InvestDiva.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Kiana Danial

Kiana Danial is an award-winning, internationally recognized personal investing and wealth management expert. She is a highly sought-after professional speaker, author and executive coach who delivers inspirational workshops and seminars to corporations, universities and entrepreneurial groups. She is a frequent expert on many TV and radio stations and has reported on the financial markets directly from the floor of NYSE and Nasdaq. She is a weekly investment expert guest on Tokyo’s #1 Investment TV Show. She has been featured in The Wall Street Journal, TIME Magazine, CNN, Forbes, The Street, and numerous other publications. Kiana’s book "Invest Diva's Guide to Making Money in Forex" was picked by McGraw-Hill only two years after she first moved to the US, and was an immediate domestic and international success. At a young age, she has won numerous awards including Best Financial Education Provider at Shanghai Forex Expo in 2014, New York Business Women of Influence Honoree in 2015, and Pro Bono Humanitarian Award by IA Bar Association in 2013. Born and raised in Iran to a Jewish family as a religious minority, she was awarded a scholarship from the Japanese government to study Electrical Engineering in Japan, where she obtained two degrees in Electrical Engineering and researched on Quantum Physics in classes conducted in the Japanese language. Being the only girl and foreigner in her classes made her decide to dedicate her life to empowering minorities, especially women in male dominated industries. As the CEO of Invest Diva, Kiana’s goal is to empower and educate women to grow their wealth by investing like a ROCK STAR.

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